Apartment prices in Greece vary widely depending on location and size, but are still considered relatively low compared to the rest of Europe, making the country a sought-after destination for investors. The market has been recovering successfully since the 2008 economic crisis, with sustained price increases in major cities and tourist areas. The “Golden Visa” program encourages foreign investment and contributes to the growing demand. Does Greece still offer profitable investment opportunities? What are the reasons for the significant price gap between new and pre-owned apartments?
And what is the potential for further appreciation in the future?
Greece, one of the most attractive countries in Europe, has become a sought-after destination in recent years for real estate investors and homebuyers from all over the world. The combination of natural beauty, rich history, and a diverse real estate market has made Greece a focal point for those seeking a profitable investment or a new home in an attractive location. There is no doubt that when it comes to searching for an apartment in Greece, price is one of the key considerations. Apartment prices in Greece vary significantly depending on location, size, and property features, but are still considered low compared to most European countries.
Demand for real estate in Greece has grown over the past decade, particularly in light of government programs offering incentives and even citizenship to foreign investors. These programs, combined with the Greek economy’s recovery following the 2008 crisis, have created unique opportunities in the real estate market. Today, properties are available at a wide range of prices—from affordable apartments in the countryside to luxury villas on idyllic islands.
The real estate market in Greece offers a wide range of options, whether it’s apartments in major cities like Athens and Thessaloniki or vacation homes on stunning islands such as Santorini and Mykonos. Market trends show consistent price increases, which reinforces the appeal of investing in the country. At the same time, there are areas where apartment prices remain relatively affordable, allowing investors with limited budgets to enter the market. Looking ahead, once the mortgage market in Greece stabilizes and banks begin to quickly approve mortgages for locals, this is expected to lead to significant price increases.
How do apartment prices in Greece vary by region?
What are the main trends shaping the local real estate market? And what is the answer to the question on many people’s minds: How much does an apartment cost in Greece?
City |
Athens (General) |
Athens – City Center |
Athens – The Northern Neighborhoods |
Athens – The Southern Neighborhoods |
Athens – The Western Neighborhoods |
Athens – Studio Apartment |
Athens – 2-Bedroom Apartment |
Athens – 3-Bedroom Apartment |
Athens – 4-room apartment |
Athens – 5-room apartment |
Thessaloniki |
Piraeus |
Average price per square meter (euros) |
1,800–5,000 |
3,800–7,000 |
3,000–4,500 |
3,000–5,500 |
2,800–3,900 |
3,400–5,500 |
3,200–5,000 |
3,000–4,800 |
2,700–4,500 |
2,600–4,300 |
1,500–3,500 |
1,500–4,700 |
City |
Athens |
London |
Lisbon |
Berlin |
Tel Aviv |
Paris |
Average price per square meter (euros) |
3,900 (new apartments) |
13,335 |
5,440 |
5,800 |
17,000 |
9,250 |
One of the most significant factors affecting apartment prices in Greece is the property’s location. Factors such as proximity to the sea, open views, proximity to tourist and entertainment hubs, universities, metro stations, and so on, have a significant impact on apartment prices in Greece. Properties located near the sea, especially on popular islands such as Mykonos and Santorini, command high prices due to the high demand for breathtaking views and easy access to beaches. The prime location of these properties contributes to their rising market value when considering various aspects of apartments in Greece—price, potential, and so on.
The quality of the property’s finish, the quality of the building materials, and related features such as balconies, private parking spaces, and unobstructed views directly affect the property’s price. New or well-renovated apartments command higher prices than older properties. When it comes to apartments in Greece, the price may be influenced by a variety of factors that are worth examining carefully.
Greece’s economic recovery over the past decade, coupled with political stability and the restoration of the country’s financial strength, has boosted confidence in the local real estate market. Both foreign and domestic investors view the Greek market as a promising opportunity for high returns.
Programs such as the "Golden Visa," which grant residency status to those who invest certain amounts in different regions across the country, help drive up demand, particularly in major cities and tourist areas.
Areas where infrastructure development is taking place—such as road construction, public transportation upgrades, and the construction of new public facilities—are becoming more sought-after, and property prices there are rising.
Greece is a major international tourist destination, and the demand for vacation rentals and short-term rentals affects prices, especially in tourist areas. Properties located near tourist attractions command higher prices.
In areas with a limited supply of properties and high demand from locals and foreign investors, prices are rising rapidly. In contrast, rural areas with a plentiful supply offer lower prices.
When looking at an apartment in Greece, the price is influenced, among other things, by whether it is a new or pre-owned apartment. When comparing new apartments in developments to pre-owned apartments—specifically in Greece—price is a factor that varies significantly. Resale apartments are usually sold at a significantly lower price compared to new apartments from developers, which are often built as luxury developments. New developments tend to feature modern design, state-of-the-art amenities, and a prestigious setting that increase their value.
Even when it comes to an urban renewal project, there is a significant difference between an old apartment in a particular neighborhood and a brand-new building where all the infrastructure has been replaced and the residents receive a brand-new apartment, common areas in the building, and so on—all of which significantly increase the value of the apartments.
In contrast, pre-owned apartments typically appeal to a diverse range of buyers, such as students, young couples, families just starting out, and retirees. These apartments may require renovations—ranging from minor improvements to extensive remodeling—to bring them up to current standards.
It is possible to transform an existing apartment into a luxury property through high-quality renovations, which may increase its value and income potential; however, it is important to factor in the costs of renovations and repairs as part of your purchase considerations in order to accurately assess the investment’s viability. In addition, it is important to consider that renovating an apartment without replacing the building’s infrastructure poses a risk of future costs arising from wear and tear and infrastructure repairs.
The real estate market in Greece has been undergoing a significant transformation in recent years, characterized by consistent price increases and growing interest from international investors, which is changing the answer to the question, “How much does an apartment cost in Greece?” Following the 2008 economic crisis, which led to a dramatic 42.5% drop in real estate prices, the Greek market has been on an impressive recovery trajectory.
In 2023, there was a significant increase in apartment prices: prices rose by 10% in Athens and by 8% in Thessaloniki. In the third quarter of that year, even sharper increases were recorded—17% in Athens and 15% in Thessaloniki—compared to the previous year. This trend continued into 2024, with a 10.7% increase in home prices in major cities recorded in the second quarter.
Another interesting phenomenon reveals that more than 35% of the properties listed for sale are vacant homes that are unoccupied, primarily in rural areas. This trend stems from accelerated urbanization, which has led many to abandon the dream of rural living and move to employment centers in major cities.
Investing in real estate in Greece offers the potential for net annual returns of 4% to 5% from long-term apartment rentals, while returns can reach as high as 10–12% in short-term rental models (such as Airbnb). The yield depends on several key factors, including the property’s location, its physical condition, the size of the apartment, the building’s infrastructure, as well as the common areas it offers that increase rental value, such as rooftops, gyms, residents’ clubs, laundry rooms, and more.
Part of the answer to the question “How much does an apartment cost in Greece?” lies in the growing demand from foreign investors. More than 80% of real estate transactions in the past year were carried out by buyers and investors from abroad, including many Israelis looking for investment opportunities outside of Israel.
Despite the ongoing increases, apartment prices in Greece are still considered relatively low compared to other European countries. This is the seventh consecutive year of rising home prices, a trend that indicates a steady recovery in the market.
Sustained economic growth, coupled with government programs that encourage foreign investment, is contributing to the continued upward trend in housing prices. However, the market still offers attractive investment opportunities compared to other markets in Europe.
The impact of the Golden Visa program is particularly evident in the segment of apartments priced between 250,000 and 500,000 euros, where there has been a significant increase in demand and prices. In major cities, this trend has led to accelerated urban renewal, as foreign investors renovate and upgrade older buildings. At the same time, there is growing demand for related services such as property management and leasing.
However, the program also poses social challenges. Rising housing prices make it difficult for local residents to purchase apartments in sought-after areas. Despite these challenges, the program is considered a significant driver of growth in the Greek economy, bringing in foreign capital and stimulating development in the construction sector and related services.
Despite the significant rise in apartment prices in Greece in recent years, there is still significant growth potential in the Greek market.
The primary advantage of the Greek real estate market lies in its relatively low prices compared to other European cities. While cities such as Paris, London, and Madrid have significantly higher prices, Greece offers attractive investment opportunities at competitive prices. This allows investors to enter the market at reasonable costs while anticipating higher future value.
Another key factor that boosts this potential is the tourism sector. Greece is considered a leading tourist destination, with high demand every year. The capital, Athens, attracts a massive number of tourists annually (about 8 million) throughout all seasons. In contrast, regions such as the Greek islands enjoy heavy tourist traffic mainly during the warmer months, which increases demand for properties. Particularly in tourist areas, there is potential to increase real estate value by renting to tourists or selling to foreign investors.
The mortgage market opened about a year ago to locals only, but Greeks are still “sitting on the fence” due to high interest rates. In addition, the banking system has not yet truly returned to providing mortgages quickly and efficiently; the expectation is that banks will soon begin offering mortgages to investors, and once the market is leveraged, the potential for price increases will be high. Furthermore, there are tax benefits for Israelis, thanks to a tax treaty between Israel and Greece—an exceptional tax treaty stipulating that Israeli investors are required to pay taxes only in their country of origin, meaning solely according to Greek tax regulations, which are very lenient. For example, there is a full capital gains tax exemption for up to three apartments per person.
Potential investors interested in apartment prices in Greece are advised to conduct thorough due diligence, monitor economic and political trends, and consult with local real estate experts. The Greek real estate market offers interesting opportunities, but as with any investment, a cautious and informed approach is required.
The data in the tables presents an estimate of apartment prices in Greece as of 2024, focusing on three major cities: Athens, Thessaloniki, and Piraeus. Prices are shown in euros and reflect price ranges per square meter for various apartment sizes. It is important to understand that apartment prices in Greece vary significantly depending on the property’s location and size. The prices are based on estimates and average calculations derived from Greek government databases, along with aggregated data from the company’s operations.
When examining the issue of apartment prices in Greece, it is important to understand that this is a dynamic market influenced by a variety of factors. The question “How much does it cost to buy a home in Greece?” is not a simple one, as the answer varies dramatically from region to region and depending on the type of property. Apartment prices in Greece are determined by geographic location, proximity to the sea, infrastructure, and the condition of the property itself.
In recent years, apartment prices in Greece have undergone a significant change. While it used to be possible to find apartments at bargain prices almost anywhere, the market has now become more competitive, especially in sought-after areas. However, compared to other markets in Europe, Greece still offers a significant price advantage. Cities like Paris and London have prices that are twice as high—or even more—than the average prices in Greece.
When inquiring about the price of an apartment in Greece, it is important to consider not only the initial purchase price, but also the associated costs: taxes, attorney fees, potential renovations, and annual management fees. On average, these associated costs amount to 8–12% of the transaction value. These costs include transfer tax, notary fees, document translation costs, and legal due diligence on the property.
Another interesting trend regarding apartment prices in Greece is the gap between new developments and existing properties. New developments offer advantages such as a contractor’s warranty, modern design, and energy efficiency, but are priced at a 30–50% premium compared to resale apartments in the same area. Many investors find value in renovated apartments or properties that require work, as these allow them to customize the property to their personal taste and increase its value. It is important to understand that when evaluating the price of an apartment in Greece, one must distinguish between its current value and its future value after renovation or upgrading.
Seasonality is another significant factor affecting apartment prices in Greece. During the summer months, when tourism is at its peak and foreign investors are more active, prices tend to be higher. In contrast, better opportunities can be found during the winter months, especially in tourist areas. Sellers tend to be more flexible in negotiations during the off-season, which can lead to significant savings.
Another type of investor entering the market is buyers looking for their own “vacation home.” For them, the question of how much it costs to buy a home in Greece is also tied to the potential for renting it out during periods when they are not using the property. Many of them find that income from short-term rentals can cover a significant portion of the property’s maintenance costs. Apartments located in sought-after tourist areas can yield a return of 8–12% per year from short-term rentals.
In addition, the cost of buying a home in Greece also depends on the type of property. Villas with private pools, traditional island homes, or penthouses in city centers are priced according to their unique locations and special features. Investors looking for luxury properties should be prepared for a higher budget, but also for significant appreciation potential.
In summary, the Greek real estate market offers a wide range of options for every budget. From compact studio apartments priced at 50,000–80,000 euros to luxury villas worth millions of euros, Greece continues to attract buyers and investors from around the world thanks to its unique combination of competitive prices, a high quality of life, and future appreciation potential. When looking at an apartment in Greece, a reasonable price and market trends are the key to a smart and informed investment.
Greece has become a popular destination for real estate investors and new residents thanks to its natural beauty, rich history, and diverse real estate market. Prices vary depending on location and size, and are considered relatively low compared to other European countries.
The housing market in Greece has been steadily recovering since the 2008 economic crisis, with double-digit price increases in recent years, particularly in major cities such as Athens and Thessaloniki. At the same time, the government is promoting incentives for foreign investors, such as the “Golden Visa” program, which grants citizenship to those who invest in local real estate. This program is boosting demand and reinforcing the recovery trend.
Despite recent increases, housing prices in Greece remain competitive compared to major European cities and offer significant potential for further appreciation in property values, particularly in developing and tourist-oriented areas. The combination of economic growth, rising demand, and foreign investment positions Greece as an attractive real estate market with a promising future.
The average price per square meter in Greece ranges from 1,500 to 5,000 euros, with the national average standing at approximately 2,200 euros per square meter. However, in major cities such as Athens, the average price is higher, at approximately 3,900 euros per square meter for new apartments. It is important to note that these prices vary significantly depending on the specific location, the condition of the property, and proximity to amenities and public transportation.
Prices vary dramatically from one area to another: in central Athens, prices range from 3,800 to 7,000 euros per square meter, while in the southern neighborhoods of Athens, they range from 3,000 to 5,500 euros per square meter. In Thessaloniki, the second-largest city, prices are lower, ranging from 1,500 to 3,500 euros per square meter. In rural areas and small towns, properties can be found for €800–1,500 per square meter, while on popular tourist islands such as Mykonos and Santorini, prices can reach €5,000–8,000 per square meter or even higher.
The cost of an apartment in Greece depends on its size and location. A studio apartment in Athens costs an average of 60,000–100,000 euros; a 2-bedroom apartment ranges from 80,000 to 150,000 euros; a three-bedroom apartment costs 120,000–200,000 euros, and a four-bedroom apartment ranges from 180,000 to 300,000 euros. In upscale areas in central Athens or on popular islands, prices can be significantly higher. In small towns and rural areas, you can find spacious apartments for €40,000–80,000, though they sometimes require renovation.
Rent in Greece varies depending on the location and size of the apartment. In Athens, a 2-bedroom apartment in a good location costs an average of 600–900 euros per month, while a 3-bedroom apartment ranges from 800 to 1,200 euros per month. In Thessaloniki, prices are lower: €450–700 for a two-bedroom apartment and €650–950 for a three-bedroom apartment. On the islands and in tourist areas, short-term rentals can yield €80–200 per night during peak season, depending on the size and location of the property. It is important to note that in recent years, there has been an increase of approximately 30–40% in rent prices in major cities.
The decision depends on your investment goals and budget. New apartments offer advantages such as a builder’s warranty, modern design, energy efficiency, and state-of-the-art shared amenities (pool, gym, rooftop), but they come with a 30–50% premium compared to pre-owned apartments. Pre-owned apartments are cheaper and allow for a better location within the same budget, but may require renovation and additional investment. For investors seeking a quick return on rent, a renovated pre-owned apartment in a central location can be an excellent choice. For those looking for a long-term property with minimal hassle, a new apartment in a high-quality development may be the right investment.
The information presented in this article, including price comparisons, market research, estimated returns, and future projections, is intended for general informational purposes only and does not constitute professional advice, financial advice, investment advice, real estate advice, or a substitute for personalized advice provided by a qualified professional.
The author of this article makes every effort to ensure that the information presented is accurate, up-to-date, and reliable. However, the data presented—including future projections or estimated returns—is based on various sources of information, including estimates and simulations, and does not guarantee actual results.
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